More than two-thirds (68%) of US manager respondents think that offering student loan assistance as part of an employee benefits package would improve employee morale, according to research by IonTuition.
Its Employers’ perspective survey 2016: student loans and higher education benefits report, which polled 400 middle managers in the US, also found that 71% of respondents believe student loan assistance would improve employee retention.
The research also found:
- 79% of respondents believe that student loan repayment assistance would support recruitment.
- 61% of respondents believe employees are somewhat satisfied with their benefits package and that there is room for improvement.
- 62% think that fewer employees contribute to their 401(k) retirement savings because of their student loans, and 73% believe that staff contribute less money to their 401(k) because of student loans.
Balaji Rajan, chief executive officer at IonTuition, said: “Student loan debt connects employers and employees in a very meaningful fashion. Just like healthcare and retirement plans, student debt repayment assistance is applicable to more employees than tuition reimbursements in today’s context. It is great to see so many employers step up and become early adopters.”